Carbon Pulse

Utility Dominion Energy and manufacturing companies are advocating Virginia Governor Glenn Youngkin’s (R) administration to rescind its RGGI-linked cap-and-trade regulation, arguing that the programme is ineffective at reducing regional emissions and imposes a steep cost burden, according to public comments.

US biofuel credit (RIN) prices this week jumped to levels not seen since spring 2021, as obligated parties under the Renewable Fuel Standard (RFS) snapped up credits, according to traders.

A sustainable forest firm on Tuesday announced a $1.8 billion purchase of lands owned by a US timberland investment management organisation to develop into offset projects over the coming decades.

Prospects of a Republican winning Oregon’s surprisingly tight governor’s race are raising alarms that the state’s ambitious climate programmes could be put on the chopping block, leaving Oregon’s GHG reduction commitments in jeopardy and its agenda in limbo.

Switzerland on Wednesday ended its bid to host the UN climate summit in 2026 following a government-commission analysis, citing a rival joint bid from Australia and the Pacific islands, the overall cost of the summit, and its preference for establishing a partnership at the event instead.

Two more cookstove-based carbon credit projects have been added to the “watch” list by a ratings agency in the week that ESG platform Xpansiv announced it was launching a new standardised spot contract for the household devises sector in December.

A group of over 600 investors, representing almost $42 trillion in assets under management, have submitted a letter to global governments ahead of the COP27 UN climate talks calling on them to strengthen policies to address the climate crisis.

The Congo Basin's massive 30 billion tonne peatland carbon sink could be at risk of leaking if the vast African region continues to face drought as a result of climate change, according to research published on Wednesday that identified a similar pattern thousands of years ago.

It is not likely any credits will be issued under the Paris Agreement's Article 6 before the targeted end of 2023 due to a heavy workload and lack of remaining time, a carbon market expert said Wednesday, as he requested clarity on key pieces of terminology that are due to be discussed at the COP27 UN climate summit next week.

European carbon prices were little changed at midday after two days of sharp losses, with the market moving in a narrow band in thin trading as data revealed that investment funds had closed a significant portion of short positions in the previous week.

The Shenzhen municipal government has proposed introducing the use of green power trading credits in its pilot emissions trading scheme, the first time a Chinese jurisdiction has considered linking the green power trading programme with a carbon market.

Energy companies dominate the list of top 50 firms by volume that have retired carbon credits, according to analysts, with several South African and Columbian corporates having purchased a substantial volume of credits for cancellation against domestic carbon tax policies, and large oil majors also accounting for a large proportion of units retired.

The share of the world’s largest companies committing to a net zero target has increased to one-third, but some 93% of them will miss their long term climate goals if they do not at least double the pace of their emissions reduction by 2030, a report has found.

The UNFCCC is seeking a NDC/LT-LEDS regional expert for Asia and the Pacific, to be based in Bangkok.

Carbon credits from a major Pakistan-based blue carbon project traded publicly for the first time on Wednesday at a near 300% premium compared to other nature-based credits, providing a bullish sentiment for blue carbon projects, according to the seller.

A daily summary of our news plus bite-sized updates from around the world.

Commonwealth Bank of Australia (CBA) has hired several senior executives to help lead its commodities business, naming a new boss for its carbon trading arm.

Several forest-related green groups and organisations have teamed up with a carbon trading exchange to urge investors to support credits from projects in regions with high forest coverage and low deforestation (HFLD) levels.

The EU must stop its dash for new gas supplies in Africa and instead focus on providing a just transition to clean energy for all citizens worldwide, more than 100 climate groups and individuals urged in a letter to EU leaders on Wednesday.

A US-headquartered nature-based project developer is freezing carbon programme enrollment for six months in an attempt to rebalance carbon credit supply with deficient market demand.